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RESOLUTION NO. R-1213-65: A RESOLUTION OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, ACKNOWLEDGING RECEIPT OF AWARD NO. 08-01-04806 FROM THE UNITED STATES DEPARTMENT OF COMMERCE ECONOMIC DEVELOPMENT ADMINISTRATION IN THE AMOUNT OF TWO AND ONE-HALF MILLION DOLLARS ($2,500,000) FOR CONSTRUCTION OF BUSINESS PARK INFRASTRUCTURE IMPROVEMENTS IN THE UNIVERSITY NORTH PARK DEVELOPMENT.
ACTION NEEDED: Motion to adopt or reject Resolution No. R-1213-65.
ACTION TAKEN: ___________________________________
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BACKGROUND: The Economic Development component of the University North Park (UNP) Tax Increment Finance District (TIF) outlined in the UNP TIF Project Plan (Ordinance O-0506-66) provides for an amount up to $8.25 million in funding for incentives to foster special employment opportunities. The UNP TIF Master Development Agreement (Contract K-0607-44) further refined this focus by identifying sixty (60) acres of land that could be purchased by the Norman Economic Development Coalition (NEDC) at discounted prices, in an effort to provide incentive tools for attracting future employers to Norman that meet the criteria of the Oklahoma Quality Jobs Act. In September 2010, the City of Norman, University North Park LLC, University Town Center LLC, the University of Oklahoma Foundation, the Norman Economic Development Coalition and the Norman Tax Increment Finance Authority (NTIFA) entered into the University North Park Economic Development Agreement (the “Agreement”, Contract K-1011-75). The Agreement provided a framework and effective implementation mechanisms for individual economic development agreements with businesses proposing to locate in University North Park. Under the Agreement, NEDC is responsible for carrying out the economic development activities authorized by the Project Plan. NEDC is authorized to enter into development agreements with business enterprises deemed appropriate and desirable to achieve the objectives of the Project Plan and to att...
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